As soon as the new group is created, on the right pane you need to provide information on who would be the group managers and contributors that would add the
'Term Sets' and 'terms' to the group.
Provide the relative information and save. In our case, we have created a group named "MediaEntertainment".

Now right click on "MediaEntertainment" and click "New Term Set", which will contain different terms.

In our scenario, we have
named it as "North America".

Similar to the 'group' form, here you can provide some termstore related information like owner, stakeholders and other information...

Now right click on "North America" and click on "Create Term". We have named it as "Test1".